Expanding to America makes a lot of sense – it’s still broadly accepted to have the largest economy in the world and is by many indicators the biggest importer of British goods.
To successfully establish a business in the United States, it’s important to be aware America is just that – 50 united states, which each have their own rules and regulations governing how businesses must be structured and taxes that must be paid. It’s not like the UK, where the bulk of laws are governed centrally and don’t deviate from city to city.
In fact, a US Chamber of Commerce Federation Small Business Regulation Study stated there were an estimated 90,106 state and local governments in the United States, each with their own varied authority to promulgate rules and regulations.
Boston ranked best for entrepreneurial growth two years in a row
In its most recent Innovation That Matters report, the US Chamber of Commerce highlighted five cities as ‘the best places to do business.’
The 2017 report ranked Boston as the best city in the US for fostering entrepreneurial growth for the second year in a row, edging out the San Francisco Bay area.
Boston earned the top ranking based on startup density and capital access and got high marks for talent access and connectivity. The presence of top universities was said to produce a steady stream of new tech talent, whilst the city government offered strong levels of support.
Ranked second was the Bay Area (San Francisco) followed by Philadelphia, San Diego and Austin.
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The study examined the health of the startup communities in 25 American cities and assessed their readiness to capitalize on the shift to an increasingly digital economy, with a unique focus on what were referred to as “next-wave startups.”
Foothold America, which specialises in helping firms set up in the US, took that a step further and created a map of the best places to do business in the States by industry.
It took the 25 cities highlighted in the Innovation That Matters report and used data to pinpoint the specialist professions and industries to be found in each of those locations to identify where those products and services were already strong.
Boston’s specialist industries were identified to be finance, life sciences, academia, tech and business services. Whilst New York’s were said to be publishing, finance, legal services, fashion and tourism.
Wyoming could be a winner for entrepreneurs starting up in America
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The search for an American base for your business should not, however, be narrowed to the more ‘obvious’ cities and states.
Wyoming is becoming popular for businesses looking to incorporate, due, in part, to its extremely low rate of taxation, an absence of business licence fees and emphasis on privacy and asset protection.
Ultimately in choosing where best to establish your business there are many factors to consider relating to the regulations of each state, where your customers are likely to be and the sector you are in.